Nike’s Sales Slump Even as China Returns to Growth
China, one of Nike's (NYSE: NKE) biggest markets, is growing again following a rare decline last quarter. But that rebound wasn't enough to save the footwear and apparel giant from reporting a sharp COVID-19-related global sales drop in the fiscal fourth quarter.
That period covers March, April, and May, and so it spanned the reopening of retailing in China and the maximum social-distancing efforts that followed in North America and Europe. Those moves pushed revenue down 38% for the quarter, Nike said on Thursday afternoon.
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Source Fool.com
